Zeal Network Se · XETR:TIMA
Zeal Network — Q3 2025 Earnings Presentation
27 slides from Zeal Network's earnings presentation, Nov 5, 2025
Slide 1: Earnings Call Quarterly Statement Q3
EARNINGS CALL QUARTERLY STATEMENT Q3 AS OF 30 SEPTEMBER 2025 5 November 2025
Slide 2: - Stefan Tweraser - Summary - Financial Update
- Stefan Tweraser - Summary - Financial Update - Strategic Focus & Guidance 2025 - Key Take Aways
Slide 3: Summary
yA NE SUMMARY ZEAL ZEAL GB exes €) Tipp24 freineit* Tamas 4° Dreamigy
Slide 4: Summary Q3 '25
SUMMARY Q3 ‘25 • Accelerated growth of customer base • Gross margin continues to increase significantly • Profitable growth continues • Guidance for FY ‘25 raised following strong business performance 4
Slide 5: Financial Update
yA NE FINANCIAL UPDATE VENTURES IBERIA
Slide 6: Weak jackpot environment – peaks in 9M '25 vs. 9M '24
WEAK JACKPOT ENVIRONMENT – 4 PEAKS IN 9M ‘25 VS. 6 PEAKS IN 9M ‘24 In €m LOTTO 6/49 in €m Average Peak 50 max. 40 30 9M ‘25 9 0 20 10 0 9M ‘24 10 0 1 6 11 16 21 26 31 36 41 46 51 56 61 66 71 76 Draw Eurojackpot in €m Average Peak In €m 120 max. 100 9M ‘25 50 4 80 60 40 20 9M ‘24 49 6 0 1 6 11 16 21
Slide 7: ZEAL Income Statement 9M '25 – Condensed
ZEAL INCOME STATEMENT 9M ‘25 – CONDENSED 9M ‘25 9M ‘24 CHANGE INCOME STATEMENT (in €k) (in €k) (in %) REVENUE REVENUE 162,634 120,952 +34,5 Revenue increased by 34%, driven by a higher gross margin, changed product mix and higher number of MAU’s Ø Lotteries 146,030 107,591 +35.7 COST OF OPERATIONS P
Slide 8: Growth of lottery billings driven by growth in user base
GROWTH OF LOTTERY BILLINGS DRIVEN BY GROWTH IN USER BASE MONTHLY ACTIVE AVERAGE BILLINGS PER BILLINGS USERS (MAU) USER, ABPU (Lotteries) in € millions (Lotteries) (Lotteries) in thousands +17% in € +12% -4% 834.3 1,572 1,347 61.31 743.1 58.98 9M '24 9M '25 9M '24 9M '25 Strong increase in the custom
Slide 9: Higher lottery gross margin driven by improved product mix and price optimisation
HIGHER LOTTERY GROSS MARGIN DRIVEN BY IMPROVED PRODUCT MIX AND ROLL-OUT OF PRICE OPTIMISATION BILLINGS MARGIN: 9M ’24 VS. 9M ‘25 (Lotteries) 2.2% in % 0.8% 17.5% 14.5% 9M ‘24 Product Mix Price 9M ‘25 Optimization 9
Slide 10: Accelerated growth in new customers despite weaker jackpot situation
ACCELERATED GROWTH IN NEW CUSTOMERS DESPITE WEAKER JACKPOT SITUATION NEW REGISTERED COST PER LEAD, CPL CUSTOMERS (Lotteries) (Lotteries) in € in thousands +9% 807 879 +31% 1) 46.52 35.54 9M '24 9M '25 9M '24 9M '25 Increase due to weak jackpot situation, media price Increase despite weaker jackpot d
Slide 11: Portfolio expanded to almost 600 games
PORTFOLIO EXPANDED TO ALMOST 600 GAMES: MAU ARPU REVENUE (Games) (Games) (Games) in k in € in € millions +38% 28 +9% +51% 10.3 41.06 20 37.63 6.8 9M '24 9M '25 9M '24 9M '25 More customers on the platform thanks to Developing to a good level significantly larger portfolio 9M '24 9M '25 11
Slide 12: Traumhausverlosung on track – 5th raffle is running
TRAUMHAUSVERLOSUNG ON TRACK – 5TH RAFFLE IS RUNNING Fourth house draw • The fourth house was raffled off on 15 September • Best performance of all houses raffled off so far • Total of €7.9m generated for charity partners with first four house draws) Next: Fifth house draw • Sales started 2nd Septemb
Slide 13: Strategic Focus & Guidance 2025
STRATEGIC FOCUS & GUIDANCE 2025
Slide 14: Overview of strategic focus areas for 2025
OVERVIEW OF STRATEGIC FOCUS AREAS FOR 2025 Our Strategic Areas for 2025 Our Achievements in 2025 • Increased gross margin to 17.5%, supported by successful pricing measures and Continue to improve acquisition performance & product mix profitability of Lotto24 business • New customer acquisition rema
Slide 15: Guidance 2025 raised
GUIDANCE 2025 RAISED Full Year 2025: 2025 2025 2024 • Guidance for FY 2025 based on an average GUIDANCE GUIDANCE ACTUALS jackpot environment In €m (new) (old) • ZEAL will expand its marketing in FY 2025 (c. €60-70m) in Germany Revenue 205-215 195-205 188.2 • ZEAL will continue to invest into charity
Slide 16: Key Take Aways
yA NE KEY TAKE AWAYS VENTURES IBERIA
Slide 17: Key Take-Aways
KEY TAKE-AWAYS Accelerated growth of customer base Gross margin continues to increase significantly Profitable growth continues 17
Slide 18: Questions?
yA NE Questions?
Slide 19: Disclaimer
DISCLAIMER The information contained herein must not be relied upon for any purpose and may not be redistributed, reproduced, published, or passed on to any other person or used in whole or in part for any other purpose. This document contains certain forward-looking statements relating to the busin
Slide 20: Consolidated income statement and balance sheet in €k
CONSOLIDATED INCOME STATEMENT AND BALANCE SHEET IN €K 9M 2025 9M 2024 CHANGE 30/09/25 31/12/24 CHANGE INCOME STATEMENT BALANCE SHEET (in €k) (in €k) (in %) (in €) (in €) (in %) Revenue 162,634 120,952 +34.5 Current assets 147,023 164,833 -10.8 Total costs of -109,317 -86,422 +26.5 Non-current assets
Slide 21: Business unit segment reporting as of 30/09/25 in €k
BUSINESS UNIT SEGMENT REPORTING AS OF 30/09/25 IN €K GERMANY OTHER TOTAL Revenue 157,990 4,644 162,634 Other operating income 777 - 777 EBITDA 52,444 1,650 54,094 Depreciation/amortisation – – -6,428 EBIT – – 47,666 Financial result – – -3,613 Share of loss from associates -52 EBT – – 44,001 Income
Slide 22: New registered customers per quarter
CONTINUED HIGH MARKETING EFFICIENCY: Q3 ’25 SHOWED FURTHER STRONG NUMBER OF NEW CUSTOMERS 600,000 9M 2025 Highlights Size of the bubbles reflects the number of • Acquisition of 879K new 500,000 peak jackpots in the customers in weak jackpot quarter. Q4 ‘24 situation x = no peak jackpots • Ongoing in
Slide 23: KPIs (Lotteries) I
KPIS (LOTTERIES) I Q1 ‘20 Q2 ‘20 Q3 ‘20 Q4 ‘20 Q1 ‘21 Q2 ‘21 Q3 ‘21 Q4 ‘21 Q1 ‘22 Q2 ‘22 Q3 ‘22 Q4 ’22 Q1 ‘23 Q2 ‘23 Q3 ‘23 Q4 ‘23 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ‘24 Pay-in 110.1 138.0 120.6 140.8 121.4 128.4 125.9 128.0 142.5 140.2 147.7 171.3 158.8 167.3 177.0 168.7 196.7 211.4 191.4 277.3 (in €m) BILLIN
Slide 24: KPIs (Lotteries) II
KPIS (LOTTERIES) II Q1 ‘25 Q2 ‘25 Q3 ‘25 Pay-in 215.4 214.1 253.1 (in €m) BILLINGS 264.7 262.6 306.9 (in €m) ABPU (in €) 58.57 57.50 60.68 ARPU (in €) 10.01 10.00 10.89 MAU (in k) 1,507 1,522 1,686 CPL (in €) 48.50 45.39 45.98 German Segment 24
Slide 25: KPIs (Games)
KPIS (GAMES) Q2 ‘23* Q3 ‘23 Q4 ‘24 Q1 ‘24 Q2 ‘24 Q3 ‘24 Q4 ’24 Q1 ‘25 Q2 ‘25 Q3 ‘25 Pay-in (in €m) 0.1 3.3 5.1 6.3 6.3 7.1 8.9 10.2 10.3 10.7 Billings (in €m) 0.6 16.2 24.9 31.3 29.9 31.6 40.2 45.5 45.2 46.2 Revenue (in €m) 0.1 1.2 1.8 2.2 2.3 2.3 3.0 3.4 3.3 3.6 ABPU (in €) 58.74 306.14 449.10 480.
Slide 26: Financial Calendar 2026
FINANCIAL CALENDAR 2026 2026 2027 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Publication of Annual Report 2025 25 March 2026 Publication of Q1 Quarterly Statement 6 May 2026 Annual General Meeting 20 May 2026 Publication of Half-Year Report 5 August 2026
Slide 27: Contact
Contact Frank Hoffmann, CEFA ZEAL Senior Investor Relations Manager Straßenbahnring 11 20251 Hamburg T +49 (0)40 809 036 - 042 M +49 (0)175 267 3420 frank.hoffmann@zealnetwork.de www.zealnetwork.de 27